'Probinsyano': Aurora recalls old romance with Oscar Next president ‘will have very big say’ on PH cooperation with ICC: Diokno Pari hinimok ang mga Katoliko na iboto si Robredo Review: 'Gensan Punch' is Brillante Mendoza's tribute to boxers Higit 700 inilikas sa Caraga sa gitna ng banta ni OdetteĪpple delays return to office indefinitely: Bloomberg News Regine Velasquez appeals to fans to respect son’s privacy US Fed signals 3 rate hikes in 2022 as inflation fight begins The scandal deepened on Thursday when the firm was forced to delay the publication of its 2019 results for a fourth time, prompting its CEO to quit the next day. The fintech firm's 4 board members have been under investigation since early June by Munich prosecutors for "market manipulation," and Wirecard's headquarters were searched as part of the probe. "Both BDO and BPI state that the financial technology firm Wirecard was not a client nor did they have any business relationship with the German firm," BSP Governor Benjamin Diokno said in a statement.īoth banks had also informed external auditor Ernst & Young that "the documents that attested to the presence of the supposed funds were "spurious," he added. The Bangko Sentral ng Pilipinas said it found in its investigation that "no money entered the Philippines and that there is no loss to both banks." The money allegedly went through the country's two biggest banks BDO and BPI, which they earlier denied. Wirecard slumps 40 percent as search for missing billions turns to Philippines.
“At this stage, Magnolia still has a number of concerns about the solvency of The Agency and is awaiting the audited half-yearly financial accounts,” Mr Atkins said.MANILA - Some $2.1 billion missing money of German firm Wirecard did not enter the Philippine financial system, the central bank said Sunday. However, the Federal Court order, the findings of the Takeovers Panel, the unaudited half-year results and the $400,000 The Agency has deposited into a trust account to prove it has funds to cover the disputed Magnolia debt (now a separate commercial dispute) have failed to sway Mr Atkins’ concerns about the financial health of The Agency. In late January, just over $3.1 million of these notes were converted to equity, giving Mr Peters a leading 30.2 per cent stake in The Agency. However, this debt has since been reduced to $5 million following the issue of $5 million of convertible notes to Mr Peters (through his Peters Investments). The accounts still showed an expensive first-ranking loan to Macquarie Bank of $9.3 million charging interest at 8.5 per cent. It also had positive cash flow of $1.5 million and cash and cash equivalents of $5.5 million as of December 31. On January 20, the Federal Court returned control of The Agency to its directors and ordered that the purported administration end on February 1 - unless a creditor came forward to dispute the court order.Īfter no creditors appeared or applied to overturn the court’s earlier orders, the administration ended.īacking up its claims of being financially secure, The Agency released unaudited half-year results showing it expanded revenue 15 per cent to $29.1 million in the six months to December and posted record earnings before tax of $1.6 million. “A resounding success”: The Agency managing director Paul Niardone. Last month, Mr Atkins appointed voluntary administrators from consultancy BDO to pursue it for the money, claiming the company had ignored repeated demands to pay the purported fee, which related to a financing term sheet arranged by Magnolia Capital.īefore that, Magnolia had launched a low-ball 4¢-a-share takeover offer for the ASX-listed minnow (its shares remain suspended at 5¢) as part of plans to block West Australian businessman Bob Peters seizing a 30 per cent chunk of The Agency through a $3 million debt-to-equity conversion. The Agency Group has slammed former director and major shareholder Mitchell Atkins, after his Magnolia Capital Group’s unsuccessful attempt to force the listed estate agency to pay a disputed $385,000 debt by putting it into administration.